BREAKING: Naira rises to N410 per Dollar at parallel market

The Nigerian Naira on Wednesday, March 22, gained massive 20 points against the American Dollar, Pound Sterling and 15 points against the Euro at parallel market.

According to reports, the Naira now trades at N410 per Dollar from the previous rate of N430.

The local currency also rose to N510 per Pound from the previous rate of N530 and N435 against the Euro as against the previous rate of N450.

The massive gain is coming as the Central Bank of Nigeria on Monday, March 20, injected additional 180 million dollars, since February when it started its intervention to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances.

Traders at the market said that they were happy with the performance of the Naira at the market, adding that it would lead to the fall in the prices of goods and services nationwide.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday, March 21, in Lagos said the new Forex policy had eliminated frivolous demand for dollar.

According to him, frivolous demand for dollar has been responsible for the weakness of the Naira.

Also, Emefiele Godwin, Governor of the Central Bank of Nigeria (CBN) said that the bank was optimistic to see the further convergence of the official and parallel market rates.

Emefiele said this while fielding questions from newsmen at the end of the two- day Monetary Policy Committee (MPC) meeting of the CBN in Abuja.

“We are determined to see a greater convergence of the official and parallel market rates,’’ Emefiele said.

Meanwhile, reactions have trailed the Naira's gain against foreign currencies at parallel market.

Eze Mark Okafor on Facebook said: "Thanks be to God but it's still not too good to boast of."

Amos Ajabor on Facebook said: "How much was dollar when you take over govt? Shame on APC. Shame to your promise of dollar equal to naira."

Hrp Nwameze Meze O'George on Facebook said: "This is not a good news. It should strong enough to bear at par."

Onuwa Wilson on Facebook said: "Why not #200 as of when Goodluck was president."